REPORT TITLE:
ERS


DESCRIPTION:
Requires the Employees' Retirement System (ERS) Board of Trustees
to appoint a chief investment officer and an assistant
administrator.  Requires the Attorney General to serve as legal
advisor to the Board of Trustees. (HB1035 HD1)


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        1035
HOUSE OF REPRESENTATIVES                H.B. NO.           H.D.1
TWENTIETH LEGISLATURE, 1999                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO THE EMPLOYEES' RETIREMENT SYSTEM.



BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 1      SECTION 1.  Section 88-29, Hawaii Revised Statutes, is
 
 2 amended to read as follows:
 
 3      "88-29  Officers, employees, legal adviser.  The board of
 
 4 trustees shall elect from its membership a chairperson, and by a
 
 5 majority vote of all its members, shall appoint an administrator,
 
 6 assistant administrator, and a chief investment officer who shall
 
 7 be exempt from chapters 76 and 77 and serve under and at the
 
 8 pleasure of the board.  Effective July 1, 1992, the salary of the
 
 9 administrator shall be set by the board within the range
 
10 established for deputy directors.  The board shall engage
 
11 actuarial and other services as shall be required to transact the
 
12 business of the system.  The compensation for all services
 
13 engaged by the board, and all other expenses of the board
 
14 necessary for the operation of the system, shall be paid at rates
 
15 and in amounts the board shall approve.
 
16      The attorney general [or an appointed representative may]
 
17 shall serve as legal adviser to the board of trustees [or the
 
18 board of trustees may select its own legal counsel]."
 

 
Page 2                                                     1035
                                     H.B. NO.           H.D.1
                                                        
                                                        

 
 1      SECTION 2.  Statutory material to be repealed is bracketed.
 
 2 New statutory material is underscored.
 
 3      SECTION 3.  This Act shall take effect upon its approval. 
 
 4 x